Realty in Gr Mohali gets fresh boost to beat lull

A demand survey has been launched by GMADA on Monday to assess the demand for size of plots, customer preference, product mix and the overall feasibility of setting up of this urban estateTNN | September 01, 2015, 16:00 IST

Realtors' body CREDAI today hailed the RBI's decision to keep policy rates unchanged saying this indicates interest rates have peaked and hoped rates would come down in near future, giving boost to economic growth as well as housing demand.CHANDIGARH: The Greater Mohali Area Development Authority (GMADA) plans to develop an 'affordable' housing project - Royale Aerocity -next to the existing Aerocity project on the Zirakpur-Patiala highway in Mohali district.

As a step in this direction, a demand survey has been launched by GMADA on Monday to "assess the demand for size of plots, customer preference, product mix and the overall feasibility of setting up of this urban estate."

The state government seems to have learnt some lessons from the past project and the maximum size of the plots has been proposed at 250 sq yards. "There were few takers for the bigger plots in Ecocity project and some claimed that the project had not been a big success, though that wasn't true," said Amarjeet Juneja, a property consultant from New Chandigarh.

"The size of the urban estate, actual development mix will be determined on the basis of data generated from the demand survey. As of now, the plan is to have plots of 150, 200 and 250 sq yards," said a GMADA official.

The tentative rate per sq yard will be Rs 14,000 and it has been proposed to offer 410 plots.

In case there is sufficient demand warranting the setting up of the proposed urban estate, GMADA will take steps to develop the urban estate or float the scheme as the case may be. However, the applicants will have an option to withdraw their application at any time during this period and the application money shall be refunded. "There is a growing demand from public for quality residential plots in Mohali and to cater to this, GMADA has drawn up the ambitious programme to set up Royale Aero City, SAS Nagar in collaboration with Chandigarh Royale City under 80:20 scheme in Karala village," reads the plan for the project.